Anadarko shareholders voted to approve $38 billion Occidental buyout


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Anadarko shareholders voted to approve $38 billion Occidental buyout

On Thursday, the 8th of August 2019, shareholders of Anadarko Petroleum Corp., one of US oil majors, headquartered in Woodlands, Texas, had voted 99 to 1 in a percentage basis to sell the company at a $38 billion buyout deal to its Texas-based rival Occidental Petroleum Corp., another US oil major with output capability of roughly 4.03 million barrels per day.

Further into the bid, Texas-based multinational oil major, Occidental, engaged in hydrocarbon exploration in the United States, Middle East alongside Columbia, had beaten out a lower acquisition bid of Chevron Corp. made earlier this year, to turn out to be an industry behemoths in US shale productions with Anadarko’s havoc-scale infrastructure-base including roughly a quarter million acres in Permian Basin, one of the top US low-cost shale fields, operations of which had assisted the United States to become the largest crude oil producer across the globe with an output capacity of more than 12 million barrels per day.

Followed by the Thursday’s (August 8th) vote, that robustly uplifts Occidental’s stance among the US shale majors likes of ExxonMobil, expressing an out-and-out optimism over the merger, Occidental’s Chief Executive Vicki Hollub said in a statement on Thursday (August 8th), “We begin our work to integrate our two companies and unlock the significant value of this combination for shareholders. ”